37. 0 Paul is 24 years old and is in his final year of a four-year, full-time university program. Last month, Paul's father died. On what criterion will a CPP orphan's benefit be payable to Paul be based? a) a flat-rate monthly amount b) a lump sum benefit to a maximum of $2,500 c) 60% of the monthly CPP retirement benefit that Paul's father was entitled to receive prior to his death d) Paul is not entitled to receive an orphan's benefit.
37. 0 Paul is 24 years old and is in his final year of a four-year, full-time university program. Last month, Paul's father died. On what criterion will a CPP orphan's benefit be payable to Paul be based? a) a flat-rate monthly amount b) a lump sum benefit to a maximum of $2,500 c) 60% of the monthly CPP retirement benefit that Paul's father was entitled to receive prior to his death d) Paul is not entitled to receive an orphan's benefit.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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D1.
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Transcribed Image Text:37.
0
Paul is 24 years old and is in his final year of a four-year, full-time university program. Last month,
Paul's father died. On what criterion will a CPP orphan's benefit be payable to Paul be based?
a) a flat-rate monthly amount
b) a lump sum benefit to a maximum of $2,500
c) 60% of the monthly CPP retirement benefit that Paul's father was entitled to receive prior to his
death
d) Paul is not entitled to receive an orphan's benefit.
Transcribed Image Text:32.
Kumar has been working for Dreamline Enterprises for 12 years. He has been a member of the
company's defined benefit pension plan for the past ten years. Kumar plans to retire as of January
1st of next year and he has been told that at that time, he will be eligible for an annual retirement
pension of $15,852. If the RPP has a 2% unit, to what type of defined benefit pension plan does
Kumar belong? (Kumar's annual income for the past 10 years are listed in the table)
# of Years Prior to Retirement
9 years ago
8 years ago
7 years ago
6 years ago
5 years ago
4
years ago
3 years ago
2 years ago
last year
this year
Pensionable Earnings
$69,570
$71,250
$73,000
$75,100
$77,750
$80,400
$82,650
$84,325
$79,875
$69,050
a) flat rate monthly pension of $750 based on 30 years of service
b) best earnings over 3 years
c) career average earnings
d) final earnings over 5 years
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